Outstanding dues of big wilful defaulters of Punjab National Bank reduced marginally to 15,075.07 crore at end-August from Rs 15,175 crore at the July end, according to the bank's data.
Outstanding dues of big wilful defaulters of Punjab National Bank reduced marginally to 15,075.07 crore at end-August from Rs 15,175 crore at the July end, according to the bank’s data. According to the list of wilful defaulters who took loans of Rs 25 lakh and more, Kudos Chemie Ltd and Kingfisher Airlines were the major borrowers with outstanding amount of Rs 1,301.82 crore and Rs 597.44 crore respectively.
Jas Infrastructure had outstanding dues of Rs 410.96 crore; VMC Systems Rs 296.08 crore; MBS Jewellers Rs 266.17 crore; Tulsi Extrusion Rs 175.40 crore; ICSA Ltd Rs 134.76 crore; Vibha Agrotech Rs 125 crore; Arvind Remedies Rs 158.16 crore; Bhawani Industries Rs 106.66 crore; Indu Projects Ltd Rs 102.83 crore; BBF Industries Rs 100.99 crore and Rupana Papers Rs 100.49 crore. These are all part of a consortium lending, the PNB list showed.
Among those who took loans from PNB as a sole lender included Winsome Diamonds & Jewellery Rs 899.70 crore; Zoom Developers Rs 410.18 crore; S Kumar Nationwide Rs 146.82 crore; Rana Lohh Udyog Rs 129.34 crore; Reid & Taylor Rs 94.40 crore; Mahuaa Media Rs 104.86 crore; Walia Traders Rs 92.36 crore; MVL Telecom Rs 68 crore; Surya Vinayak Industries Rs 133.96 crore and Vishal Exports Overseas Rs 98.39 crore.
The bank releases a list of borrowers who despite having the capacity do not make repayment of loans on monthly basis. The public sector lender had posted a net loss of Rs 940 crore in the first quarter ended June of the current fiscal. PNB earlier in February unearthed a scam of more than Rs 14,000 crore carried out by celebrity jeweller Nirav Modi and his associates.
In 2017-18, the lender had registered a net loss of Rs 12,283 crore – the highest ever by any bank in India so far, due to rising bad loans and parking huge sum to cover for losses due to the scam. The bank made a recovery from bad loans to the tune of Rs 7,700 crore in the first quarter ended June, 2018-19 as a result of its turnaround strategy it adopted last year. The bank’s gross NPAs or bad loans as on June end stood at Rs 82,889 crore — 18.26 per cent of the gross advances.